Word: kaisers
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...crowded room in Washington, the Securities & Exchange Commission tried to unravel a mystery: Why had Financier Cyrus Eaton suddenly called off a deal to sell $11.7 million in stock for his old friend Henry Kaiser? This week, after two weeks of hearings, SEC had the inside story from Henry and Cy of the fiscal shennanigans that had set the old friends a-feuding...
...Henry Kaiser got his licks in first. On the stand, he pictured himself as a trusting babe in the financial woods, led astray by Eaton and his Otis & Co. Kaiser testified that on the day before the new issue was to be floated (Feb. 3), Otis & Co. told him that K-F's stock should be "stabilized." Kaiser did not know what that meant. The underwriters, he said, explained: to keep the Curb price of the old stock steady, K-F ought to peg it by buying at a fixed price...
...shocked and alarmed when they suggested it," said Kaiser. "I wanted to know what the SEC thought about this sort of thing." Eaton, he said, assured him that it was "not unusual," and a hasty telephone check with SEC verified it. Eaton thought that no more than 20,000 to 25,000 shares would have to be bought. Kaiser told him to go ahead. It took less than half an hour to fill the first order for 15,000 shares-but to Kaiser's surprise the market was not stabilized...
...stock was simply thrown at us," said Kaiser. By day's end, K-F had been forced to buy 186,200 shares, using up $2.5 million of K-F's cash to do it. Kaiser said that Eaton hailed the performance as "another Kaiser miracle...
...Kaiser at $13.50, expecting to deliver stock from the new issue going to brokers...